China
Odaily
Over 930,000 Yuan Confiscated: Beijing Investigates First Case of Using Blockchain and Virtual Currency to Assist a Pyramid Scheme
- Beijing regulators handled the city's first case of a pyramid scheme operation that used blockchain technology and virtual currency as cover and recruitment tools.
- Authorities confiscated illegal gains exceeding 930,000 yuan (RMB) from the scheme's organizers.
- The case signals intensified enforcement against fraudulent schemes that exploit blockchain and crypto concepts to disguise illegal fundraising and pyramid selling activities.